Goodfield, Tazewell County, Illinois Property Taxes

Name: Property Tax Bills Across Goodfield, Tazewell County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Goodfield, IL effective property tax rate: 2.37%, significantly higher than the national median of 1.02%, but slightly higher than the Illinois state median of 2.35%.
Median Goodfield, IL home value: $326,280
Median annual Goodfield, IL tax bill: $7,483, $5,083 higher than the national median property tax bill of $2,400.

How are property taxes in Tazewell calculated?

Property taxes in Goodfield, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Goodfield’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Goodfield, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Goodfield, Tazewell County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.37%

Estimate Property Tax Bill

$7,733

$7,176

Ownwell’s Goodfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Goodfield with just two data points. By entering your property's estimated assessed value, our calculator applies Goodfield’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Tazewell County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Goodfield, Tazewell County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Goodfield’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Goodfield, located in Tazewell County, has a median property tax rate of 2.37%. This is notably higher than the national median property tax rate of 1.02%. Illinois, as a state, has one of the highest property tax rates in the country, which can significantly impact homeowners' annual expenses. Understanding these differences can help property owners make informed decisions about their investments and financial planning.

Property Tax Rates Across Goodfield, Tazewell County, Illinois

Source: Ownwell

1.96%

2.38%

2.80%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Goodfield Tax Rate

2.37%

Median Effective Tazewell County Tax Rate

2.46%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Goodfield, Tazewell County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61742	2.24%	2.29%	2.37%	2.40%	2.42%

Source: Ownwell

Property Tax Assessment Values Across Goodfield, Tazewell County, Illinois

When examining property taxes in Goodfield, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Tazewell County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Tazewell County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Goodfield. For example, the median home price in Goodfield is $326,280, with tax bills ranging significantly across the county. 61742 has the highest median home price at $326,280.

Property Tax Assessment Values Across Goodfield, Tazewell County, Illinois

Source: Ownwell

$67,290

$196,785

$326,280

Median Goodfield Market Value

$326,280

Median Tazewell County Market Value

$127,050

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Goodfield, Tazewell County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61742	$238,500	$284,160	$326,280	$363,960	$419,556

Source: Ownwell

Property Tax Bills Across Goodfield, Tazewell County, Illinois

In Goodfield, Tazewell County, IL, property tax bills are calculated based on the assessed value of a property, which is derived from its market value. The median home price in Goodfield is $326,280, which influences the assessed value and, consequently, the tax bill. Homeowners in this area experience a median tax bill of $7,483, significantly higher than the national median of $2,400. Factors such as local tax rates and property assessments play a crucial role in determining the final tax bill. This can place a financial burden on homeowners, especially when tax bills reach the upper percentiles, with the 90th percentile tax bill being $10,052.

Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By analyzing property assessments and identifying potential discrepancies, Ownwell can help homeowners reduce their tax burden. This not only ensures fair taxation but also results in substantial savings. With Ownwell's expertise, homeowners can navigate the complexities of property taxes and achieve financial relief.

Property Tax Bills Across Goodfield, Tazewell County, Illinois

Source: Ownwell

$1,564

$4,524

$7,483

Median Goodfield Tax Bill

$7,483

Median Tazewell County Tax Bill

$3,118

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Goodfield, Tazewell County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61742	$5,406	$6,349	$7,483	$8,769	$10,052

Source: Ownwell